Counter-Economist
monday january 27 2018
on 18/aug/2008 the domain name bitcoin.org was registeredin jan/2009 the bitcoin network came into existenceafter satoshi nakamoto mined the first block on the chainknown as the genesis blockembedded in the coinbase of this block was the following text:the times 03/jan/2009 chancelloron brink of second bailout for banksinterpreted as a timestamp of the genesis date
total bitcoins 16,819,773 btcmarket capitalization $190,683,913,233 USDbitcoin price1 btc = $11,336.89 usd$1 = 0.000088 btcgold 1,346.10ozsilver 17.33ozmempool Statsfees/size (satoshis/byte) = 22.81
what is bitcoinbitcoin is the first decentralized digital currencya peer-to-peer p2p electronic cash systemthe system works without a central bankor single administratortransactions are verified and secured by network nodesthe use of cryptographyand a recorded public distributed ledgercalled a blockchainthe invention of the blockchain made bitcointhe first digital currencyto solve the double spending problemwithout the need of a trusted authoritythe first blockchain was conceptualized in 2008by an anonymous person or group known as satoshi nakamotoreleased as open-source software in 2009
satoshi nakamoto is the person or group who designed bitcoinand created its original reference implementationinvented the first blockchain databaseoct/2008 satoshi published a paperon the cryptography mailing list at metzdowd.comdescribing the bitcoin digital currencyit was titled bitcoin: a peer-to-peer electronic cash systemon a p2p foundation profileclaimed to be a man living in japan born on apr/5/1975the identity of satoshi remains unknownestimated to have mined 1 million bitcoins2010 disappeared from any involvement in bitcoin
bitcoin core is the reference implementation of bitcointhe software was publishedby satoshi nakamoto under the name bitcoinlater renamed to bitcoin coreto distinguish it from the networkit is also known as the Satoshi clientas of 2018 bitcoin core repositories are maintained by a teamin oct 2016 bitcoin core soft fork featured segregated witnessa scaling improvement to optimize the bitcoin block sizesegwit was activated by miners on aug/24/2017 block 481,824
crypto dividends and network attackscoin splits of bitcoin are created intentionallyvia forks of the blockchainthe first hard fork of bitcoin happened on aug/1/2017resulting in the creation of bitcoin cashbitcoin cash forked at block 478558 aug/1/2017block size increase to 8 MBmove of hash power and network attackson Aug/9/2017 it was 30% more profitableto mine on the original chainboth chains use the same proof-of-work algorithmminers can easily move their hashpower between the twohigh profitability periods attracteda significant proportion of total processing powermining difficulty has fluctuated rapidlya fix for difficulty hashrate and profitability fluctuationswas introduced on nov/13/2017the most profitable chain to mine has switched repeatedlybetween bitcoin cash and bitcoin
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